Failure to Launch: Black Millennials Lag in Achieving Financial Freedom
A rundown of how the recession impacts Black millennials.
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Greatest Decline in Employment - Economic shifts between 1980 and 2012 have caused a delay in young American adults’ ability to launch their careers, according to a new report by the Georgetown University Center on Education and the Workforce. Young African-American adults have felt the effects of this more than any group. Take a look at how Black millennials have been negatively impacted by the recession. — Natelege Whaley Young African-Americans have the greatest decline in employment among racial groups between 2000 and 2012. The percentage of Blacks in their late 20s working full-time jobs declined from 65 to 48. This compares to a decline in employment from 71 percent to 62 percent for whites of the same age group. (Photo: Hero Images/ Getty Images)
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Unemployment Rate Twice as High as Whites - In 2010 the unemployment rate for young Black adults was 30 percent compared to 14 percent for whites following the Great Recession. As of August 2013, the numbers have dropped but a gap still remains. More than 15 percent of African-American adults ages 25-34 were unemployed compared to 6.3 percent of whites in the same age group.(Photo: Hero Images/ Getty Images)
Photo By Photo: Hero Images/Getty Images
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Longest Delay in Reaching Median Career Wage - The age at which African-Americans reach the median wage has increased to 33 in today’s economy, up from 26 in 1980. For whites, this age has shifted from 26 to 31.(Photo: Hero Images/ Getty Images)
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Wage Gap Has Widened More - Young African-Americans saw significant economic progress in the 1990s, but the wage gap between whites and Blacks has widened significantly since 2000. In 2012, the African-American/white wage gap was 35 percent for adults 26 to 30, up from 23 percent in 2000. (Photo: Hero Images/ Getty Images)
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Future of Work - In the future, the report says that young adults will have to mix work and learning at earlier stages in life to accelerate their launch into full-time careers. The phases of education, work and retirement are no longer linear, according to the report. Youth will face the expectations of lifelong learning and continuous upgrading of skills to adapt to new technologies. (Photo: Hero Images/ Getty Images)
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